Solar Pump Market Share - Industry Growth | 2027

A solar pump is a type of water pump that operates using solar energy as its power source. These pumps are designed to provide a sustainable and eco-friendly solution for pumping water in various applications, especially in locations where access to electricity is limited or unreliable.

The global solar pump market was valued at $1.21 billion in 2019, and is projected to reach $2.05 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.

Download Report Sample: https://www.alliedmarketresearch.com/request-sample/7022

Solar pumps are equipped with solar panels that capture sunlight and convert it into electricity through photovoltaic (PV) technology. The solar panels generate DC (direct current) electricity when exposed to sunlight.

Solar pumps incorporate a motor or pump controller, which is responsible for converting the DC electricity from the solar panels into the appropriate form to drive the water pump.

Solar pump market growth is driven by increase in agricultural activities coupled with rise in need for water extraction. Adoption of renewable electricity generation methods along with focus on carbon emission reduction further boost the market growth.

The key players involved in the global solar pump industry are Vincent Solar Energy, TATA Power Solar Systems Ltd., Shakti pump, CRI Pump Pvt. Ltd., Oswal Pump Ltd., LORENTZ, The Lubi Group, Samking Pump Company, Greenmax Technology, and AQUA GROUP.

Asia-Pacific and Europe collectively accounted for around 77.1% share in 2019, with the former constituting around 55.0% share.

Europe and North America are expected to witness considerable CAGRs of 8.5% and 7.3%, respectively, during the forecast period.

The agriculture segment was the highest contributor to the market, and is expected to grow at a CAGR of 7.2% during the forecast period. Countries in Asia-Pacific, such as India, are increasingly installing solar pump for water irrigation purpose. As solar energy is easily available, it is expected that the demand for solar pump, particularly for farming application, will increase notably.

The cumulative solar pump market share of these two segments was 37.5% in 2019, and is anticipated to reach 41.0% by 2027.

The submersible and surface suction segments collectively accounted for around 83.3% market share in 2019, with the former constituting around 55.3% share. The floating and surface suction segments are expected to witness significant CAGRs of 8.7% and 7.3%, respectively, during the forecast period.

The AC pump segment was the highest contributor to the market expected to grow at a CAGR of 5.8% during the forecast period. This is attributed to the fact that AC pump are anti-corrosive and provide high wear resistance. Moreover, they reduce the operating costs due to their high pumping efficiency and longevity. In addition, they are highly reliable and offer notable results even under harsh conditions.

Buy This Report (319 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3mfOFQo

The water pump itself is responsible for lifting or pushing water from a water source (e.g., wells, boreholes, rivers, or reservoirs) to a desired location, such as for irrigation, drinking water supply, livestock watering, or domestic use.

Solar pumps can be either submersible or surface pumps. Submersible pumps are placed directly in the water source, while surface pumps are installed above the water level.

The DC pump segment is estimated to grow at a CAGR of 8.9% during the forecast period.

Solar water pump facilitates efficient use of electricity for increasing agricultural productivity. Around 40% of the worldwide populace is based on agriculture, as its primary supply of income, yet access to water remains an ongoing war for many.

Fee reductions in economies such as India, Japan, and Africa for solar water pump has the ability to make modern-day irrigation available and fee-powerful for almost 500 million small-scale farmers international.

The major focus is on small-sized sun water pump (50-1,000W), as these are used by most of the consumers. Government of the emerging economies such as India, Japan, and Africa are accelerating development and commercialization of solar pump.

Read More Information: https://www.alliedmarketresearch.com/solar-pump-market-A06657

Impact of COVID-19 on global solar pump market

The outbreak of COVID-19 has led to shortage of manpower in solar industry, loss of components & gadgets, and discriminating expenditure by users. It is expected that social distancing will be followed for a couple of months, and public transport, particularly trains and buses will take time to resume their operations. This has led to disruption of supply chain of solar industry, due to the lockdown implemented by the governments.

Similar Reports:-

Solar Cell Market by Type (Crystalline, Thin film, Others), by Installation Type (Residential, Commercial, Utility-Scale): Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/solar-cell-market-A08602

Solar (PV) Inverter Market by Product Type (Central Inverter, String Inverter, and Micro Inverter), Connection Type (On-grid and Off-grid), Phase (Single-Phase and Three-Phase), and End User (Residential, Commercial & Industrial, and Utilities): Global Opportunity Analysis and Industry Forecast, 2021-2030

https://www.alliedmarketresearch.com/pv-inverters-market-A10500

David Correa5933 NE Win Sivers Drive#205, Portland, OR 97220United StatesUSA/Canada (Toll Free):+1-800-792-5285, +1-503-894-6022UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: +1(855)550-5975help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog:

https://blog.alliedmarketresearch.com

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.